/NOT FOR DISSEMINATION IN THE UNITED STATES/
Ignite-branded offerings to be produced and
distributed by CX Industries and WeedMD for purchase in Canadian
retail markets
TORONTO, July 24, 2019 /CNW/ - WeedMD Inc.
(TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) ("WeedMD"
or the "Company"), a federally-licensed producer and
distributor of medical-grade cannabis, its wholly-owned subsidiary
CX Industries ("CX Industries" or "CX") and Ignite
International Brands, Ltd. (CSE:BILZ) ("Ignite") are
pleased to announce they have entered into an exclusive licensing
agreement for an initial term of two years with an option for a
third year.
Widely recognized for its engaging marketing content, the Ignite
brand is established internationally and recognized for its premium
suite of cannabis and CBD products. The initial product launch will
include a variety of THC and CBD products for the Canadian
market.
"We truly believe quality flower is at the heart of every Ignite
product we market. It's at the core of everything we make and
represents an unwavering dedication to deliver premium cannabis and
CBD products worldwide and now especially here in Canada," said Jim
McCormick, President of Ignite. "Ignite represents cannabis
and CBD at its finest and CX Industries and WeedMD are the perfect
Canadian partners who share the same drive for quality."
"We welcome the Ignite family to our portfolio of branded
products and the ever-expanding reach of our suite of premium
cannabis offerings. Canadians are anticipating the arrival of vape
and concentrate categories as another segment where
quality-produced cannabis will be the driving factor for
consumers," said Keith Merker, CEO
of WeedMD. "With CX Industries focused on high-grade concentrates,
and WeedMD cultivating mass amounts of trichome-rich outdoor
cannabis, we are establishing a full-service business-to-business
offering and creating partnerships that will shape the extracts
market both on price and quality."
CX, which specializes in extraction, tolling, licensing and
innovative third-party product formulations from WeedMD's
fully-licensed Aylmer, Ontario
facility, will be the extractor, packager and distributor of
Ignite-branded vape products and cartridges in Canada. CX Industries is expected to have the
capacity to process over 200,000 kilograms of biomass in 2020 and
expects to begin processing roughly 20,000 kilograms of biomass
delivered from WeedMD's first harvest in Q4 2019. Read the CX
launch press release here.
About Ignite International Brands, Ltd.
Ignite is a CSE-listed vertically-integrated company operating
in the cannabis industry. Ignite intends to expand its business,
which currently includes branding, marketing, licensing, sales and
distribution, across additional legal jurisdictions in the
United States and into international jurisdictions, across
multiple product applications. Ignite intends to effect this
expansion through brand leverage, product development, targeted
marketing and strategic supply chain partnerships in each of the
target jurisdictions. As CEO and Chairman, Dan
Bilzerian takes an active role and is deeply involved in the
development of global strategic initiatives intended to establish
Ignite as a global brand leader in the cannabis and CBD space.
For more information, access Ignite's investor presentation here
and website here
About CX Industries
CX Industries is a wholly-owned subsidiary of WeedMD Inc. CX is
operates out of the Company's fully-licensed 26,000 sq. ft.
Aylmer, Ontario production
facility which specializes in cannabis extraction and processing.
The facility is located on four acres of expandable property owned
by WeedMD. At peak production in 2020, CX is expected to produce
more than 200,000 kgs of biomass annually.
For more information, access CX Industries' website here.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx
Inc., a federally-licensed producer and distributor of cannabis
products for both the medical and adult-use markets. The Company
owns and operates two facilities: a 158-acre state-of-the-art
greenhouse and outdoor facility located in Strathroy, Ontario and a 26,000 sq. ft.
extraction and processing facility in Aylmer, Ontario operating as CX Industries.
The Company currently has 136,000 square feet of licensed indoor
and greenhouse production space and is expected to have a total
footprint of more than 550,000 square feet of indoor and greenhouse
production online in 2019. Additionally, 27 acres or 1,176,000 sq.
ft. of outdoor cultivation is licensed and fully operational with
first harvest expected in October
2019. WeedMD has a multi-channeled distribution strategy
that includes selling directly to medical patients, strategic
relationships across the seniors' market and supply agreements with
Shoppers Drug Mart as well as six provincial distribution agencies
where WeedMD's adult-use brand Color Cannabis is
sold.
For more information, access WeedMD's investor presentation here
and 2019 corporate video highlights here.
Cautionary Statement on Forward-Looking
Information
This press release contains "forward-looking information"
within the meaning of applicable Canadian securities legislation
which are based upon WeedMD's and Ignite's current internal
expectations, estimates, projections, assumptions and beliefs and
views of future events. Forward-looking information can be
identified by the use of forward-looking terminology such as
"expect", "likely", "may", "will", "should", "intend",
"anticipate", "potential", "proposed", "estimate" and other similar
words, including negative and grammatical variations thereof, or
statements that certain events or conditions "may", "would" or
"will" happen, or by discussions of strategy.
The forward-looking information in this news release is based
upon the expectations, estimates, projections, assumptions and
views of future events which management believes to be reasonable
in the circumstances. Forward-looking information includes
estimates, plans, expectations, opinions, forecasts, projections,
targets, guidance or other statements that are not statements of
fact. Forward-looking information in this news release
include, but are not limited to, statements with respect to
internal expectations, expectations with respect to actual
production volumes, expectations for future growing capacity and
the completion of any capital project or expansions.
Forward-looking information necessarily involve known and unknown
risks, including, without limitation, risks associated with general
economic conditions; adverse industry events; loss of markets;
future legislative and regulatory developments; inability to access
sufficient capital from internal and external sources, and/or
inability to access sufficient capital on favourable terms; the
cannabis industry in Canada generally; the ability of
WeedMD and Ignite to implement their respective business
strategies; competition; crop failure; and other risks.
Any forward-looking information speaks only as of the date on
which it is made, and, except as required by law, WeedMD and Ignite
do not undertake any obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise. New factors emerge from
time to time, and it is not possible for WeedMD or Ignite to
predict all such factors. When considering this forward-looking
information, readers should keep in mind the risk factors and other
cautionary statements in WeedMD's Annual Information Form dated
June 21, 2019 (the "AIF") and
Ignite's Listing Statement dated May 30,
2019, and other disclosure documents of WeedMD and Ignite
filed with the applicable Canadian securities regulatory
authorities on SEDAR at www.sedar.com, The risk factors and other
factors noted in the above noted filings and other disclosure
documents could cause actual events or results to differ materially
from those described in any forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE OR THE
CANADIAN SECURITIES EXCHANGE AND THEIR RESPECTIVE REGULATION
SERVICES PROVIDERS (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE AND THE CANADIAN SECURITIES EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE Ignite International Brands, Ltd.